KRS 56.080: Appraisal and valuation of state property.

Before July 1 of each year, the cabinet shall reconsider its appraisal and valuation of

public buildings and personal property belonging to or under the control and use of the

state or any state agency, and shall certify any changes in value to the agency that has the

custody or control of the property. The appraisal and valuation shall equal the amount that

the cabinet deems necessary to replace the property at the time of the appraisal, which

may be less actual depreciation.